Islamic Development Bank’s new investments for US$706 million

The Board of Executive Directors of The Islamic Development Bank (IDB), which concluded its 240th session at the Bank's Headquarters in Jeddah, Saudi Arabia, approved US$ 705.9 million towards project financing and trade operations. H.E. Dr. Ahmad Mohamed Ali, President, IDB, stated that the board has reviewed many important issues including a Status Report on the implementation of the Board of Governors' resolution on the establishment of a Poverty Alleviation Fund within the IDB. After discussions, the Board decided to submit a proposal to the board of governors to label the Fund as a Waqf Fund with a capital of US$10 billion. During the course of its session, the Board approved a sum of US$ 347,000 for the share of IDB in the increase of the capital of the International Islamic Rating Agency in Bahrain. It also approved the establishment of a regional office for the Bank in Dakar, Senegal. Details of some of the various projects financing and trade operations approved by the Board:
1- Development Projects: - US$ 10.16 million loan & T.A. (Grant) for Potable and Wastewater Connections to Households Project, Egypt.
2- Technical Assistance Operations and Other Projects: - US$ 278,000 T.A. (Grant) Operation for Institutional Capacity Building of National Office for Sanitation, Tunisia.